Upcoming Medical Expenses?

If you have some upcoming unreimbursed, out-of-pocket medical expenses (dental work, braces, vision expenses, etc.), make sure you pay them with your Flexible Spending Account (FSA) or Health Savings Account (HSA). You can only deduct medical expenses if you Itemize Deductions, and then, only that amount which exceeds 10% of your Adjusted Gross Income (7.5% if you’re 65 or older, although that exception ends Dec. 31, 2016). Since contributions to your FSA or HSA are tax-deductible, paying your medical expenses using these pre-tax dollars will reduce your taxes.


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